With Lithium Prices Up Ninefold, Report Underscores US Dependence on Foreign Minerals

Contact Your Elected Officials
The Epoch Times Header

Demand from electric vehicle manufacturers, other sectors may exceed proven cobalt, lithium, nickel, chromium, zinc reserves, authors warn

The Biden administration-driven transition from fossil fuels may be hobbled by the difficulty of procuring critical minerals, many of which are mined and processed by China, the authors of a think tank analysis warn.

“China is the dominant supplier for multiple critical minerals and is likely to remain so. In the case of minerals it does not supply—such as cobalt—China has near-monopolistic control of refining capacity through its state-owned enterprises,” states the March report, which was authored by Phil Rossetti and George David Banks for the Citizens for Responsible Energy Solutions (CRES) Forum. The projected demand may require more of some minerals than can be found in total reserves.

“Increasingly, scholars are questioning the mineral requirements that would be needed to reach either 100 [percent] renewable or clean energy targets,” the CRES Forum’s analysis states.

The warning comes at a crucial time for global mineral markets: the benchmark prices of lithium, lithium carbonate, and lithium hydroxide have rapidly increased in recent months, as detailed at Benchmark Minerals.

For example, the benchmark price of lithium has increased more than ninefold to 1045.90 a ton in March 2022, from hovering at just 115.80 per ton in September 2020.

In dollar terms, battery-grade lithium carbonate was reportedly trading around $76,700 per metric ton in March 2022, up from $13,400 per metric ton in March 2022.

The costs of electric vehicles (EV) will likely increase as a result, Zach Schumacher, a North American metals price expert with Argus Media, told The Epoch Times. The estimated average transaction price for a new electric vehicle was $56,437 in November 2021, according to Kelley Blue Book.

The prices of other key minerals—including the rare earth metal neodymium that goes into wind turbines—have also trended sharply upward in recent months and years.

By Nathan Worcester

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

The Choices We Make

Death and disagreement are inevitable. Love and hate are choices. We will all die. Before we do, what choices will we make?

Elon Musk Speaks at Unite the Kingdom Rally

Tommy Robinson held rally, with Elon Musk appearing virtually, calling attention to leftist politicians who allow foreign immigrants to invade England.

Doxed Democrats Are Getting Fired Left and Left

Not a misprint because a title of “left and...

Hold Up, Feds, Without Federalism, There Is No USA

Federalism is essential to governing the U.S., yet the federal government is undermining it by bribing states to implement unnecessary federal programs.

A Widow Inspires The World

Erika Kirk moved the nation with her speech two days after her husband’s assassination, vowing to continue his mission and grow Turning Point USA.

Parents Sue Character.AI for Allegedly Leading Kids to Sexual Abuse, Suicidal Behavior

Parents allege in three lawsuits that Character.AI’s chatbots sexually abused their children and drove them toward suicidal thoughts and behavior.

Tyler Robinson Makes First Appearance in Court, Faces Capital Murder Charge in Charlie Kirk Assassination

Tyler Robinson remained motionless throughout his first court appearance on capital murder and other charges after the shooting death of Charlie Kirk.

Trump to Appeal Ruling Allowing Fed Governor Lisa Cook to Keep Her Job

The Trump admin will appeal a three-judge panel’s ruling that prevents the president from firing Federal Reserve Governor Lisa Cook.

Charlie Kirk’s Alleged Murderer Confessed Shortly After Shooting, Messages Show

The man accused of murdering conservative influencer Charlie Kirk confessed to the killing in text messages, authorities said on Sept. 16.

Rubio Says US Visa Revocations Underway After Charlie Kirk Death Celebrations

SoS Marco Rubio said foreign nationals who made celebratory comments over Charlie Kirk’s assassination will have their U.S. visas revoked.

Trump Supports Designating Antifa a Terrorist Organization

President Trump said he would support designating the antifa movement a terrorist organization in the wake of Charlie Kirk’s assassination last week.

US Conducts Strike on Another Drug Boat From Venezuela: Trump

Three people were killed in a U.S. strike on a Venezuelan drug boat, President Donald Trump announced on Sept. 15.

Trump Signs Memo Targeting Direct-to-Consumer Pharmaceutical Advertising

President Trump signed a memo to ensure drug ads give fair, balanced, and complete information to protect and inform American consumers.
spot_img

Related Articles

Popular Categories

MAGA Business Central